Does anyone really make money off of the Forex?

[4xLover]

I've been trading for about 4 months now and it really seems like I am not going anywhere.

Does anyone have any success stories they could share or any advice you could give to a newbie like me?

I'm really down right now seeing as I had high hopes for the Forex but I'm not sure if I can bear the financial losses.

[SeanFX]

I'm pretty new to FX myself, but I think if you're losing money you should stop trading real money!! Simple as that i think...Go back to demo trading, and do that until you've consistently profited for a few months.

[OoogleeMooglee]

I agree. If you're contnuously losing money, you should stop trading iwth real ASAP and revert back to demo trading...***uming you actually demo traded first.

If you're addicted to trading with real money and you can't stop, cut your hands off. If you don't want to cut your hands, at least trade smaller and open a micro-lot account which allows you trade with $1k lots and 10 cents a pip.

People do make money trading forex, just like people make money trading stocks, options, futures, baseball cards, and anything else that can be labeled a tradable instrument.

[hypnos63]

is anyone willing to say how much they ARE making?

[daedalus]

I can't comment personally as i've just converted from futures to forex and am trading small size for now, before i move up to standard sized lots, but even trading mini sized lots on a small <1000.00 account I expect to bring in between a 50-100% return on that account this month.

I can tell you that my trading friend is using the 4hr MACD method posted on forexfactory trading 100 lots positions and hes bringing in between 300k-500k USD monthly.

No bull****. The guy lives in a crappy little 100k house in Georgia and has a new 300k Ferrari 430 on order. lol.

It can be done, it is being done.

[hypnos63]

thanks, i'm looking at a £100 account. 1:100 leverage. they say that means i can trade like i have £10,000. is that right?

suppose i make £150 and want to withdraw £300, they're not gonna let me do it are they? i'm making £20-30 per trade on a few trades on the demo but i do that trading candles i see going up or down. Scalping?

when i try to open longer term positions i always get stopped out?

any suggestions? thanks again

[pipbull]

Making money is possible in Forex...very possible. But it could take time before you get to a point where you can make it and keep it consistently.

The very nature of the question "Does anyone really make money off of the FOREX" implies that you haven't done enough homework. If you have no system that you have absolute confidence in then there is no way to make money in forex or any other market. Stop trading real money until you have a tried, tested and true method

The homework and preparation to trade properly takes time, some people more than others. It is often a process of trial and error, trying different methods to see what fits you. When you find that fit and combine it with a proper mind-set, then there is no stopping you and you feel like something has just "clicked". Then you're on your way and it truly is magic that moment. Until you get to that point there will be many difficult moments when you feel that trading profitably is too elusive, just not worth it or impossible. STICK WITH IT!!!! It is possible, you just need the commitment before you arrive at your "ah-ha" moment.

I can honestly say i do make money trading Forex, but i've been at this since 2004 and this year was my turning point. It just sort of all came together after a while and i think i just got my head right

[hypnos63]

hi pipbull,

can you clarify this 'leverage' word? i have heard it is possible to open a micro trading account with £100($200) and be offerred 100:1 leverage, meaning you can trade with £10,000 ($20,000).

is this correct? because i tried to take advantage of alpari (uk)'s 100:1 leverage offer on a live account and they opened one for me with £100 equity, £100, margin £100 balance. i didn't see no £10,000.

prior to this i hasd conversed with one of their reps on the phone and they assured me 100:1 leverage means £100=£10,000 trading capital.

as a senior trader here, please refer to brokers who offer 100:1 leverage i would appreciate your input on this. please don't refer me back to alpari(uk) as i believe i was misled.

thanks

[andyk]

hypnos63

The equity in the account will be your £100. At 100:1 leverage you won't be able to open a minilot (£10,000) because the '100:1' refers to the margin you need to set aside (in this case £100). Since you also have to pay the spread which will be a few pips at (say) 50pence per pip you would not have enough in your account.

Even if you had £150 in your account, don't try to open a minilot - 100pips move against you would have you margin called and down to £100 again. This 100 pips may happen in one trade - or if you set stops, after several trades. Don't forget you are losing a few pips in spread each time you open as well.

IMHO don't trade a £10,000 lot unless you have AT LEAST £2000 and better £5000 balance. Find a microlot broker (£1,000 Lots = 5pence per pip) and make sure you have (ideally) £500 deposit.

Hope this helps

[In2Blues]

From the sound of your basic question, hypnos63, I would strongly suggest that you go through the free Babypips school before you do anything else. It will give you a good overview of the Forex market, including things like leverage, Stop Losses, and how to choose a broker:

School of Pipsology - - Beginner's Guide to Forex Trading, Free Forex Education, Learn to Trade Forex, Forex Training - BabyPips.com

You can also do a search of the forums and find many recommendations for brokers. Most offer 100;1 leverage, but you need to know what that means for you and how best to use it. The school will explain that.